Bridge Bancorp (BDGE) has reported a 6.32 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $9.17 million, or $0.47 a share in the quarter, compared with $8.63 million, or $0.49 a share for the same period last year.

Revenue during the quarter grew 4.99 percent to $33.78 million from $32.18 million in the previous year period. Net interest income for the quarter rose 3.50 percent over the prior year period to $30.46 million. Non-interest income for the quarter rose 3.18 percent over the last year period to $4.12 million.

Bridge Bancorp has made provision of $0.80 million for loan losses during the quarter, down 36 percent from $1.25 million in the same period last year.

Net interest margin contracted 4 basis points to 3.39 percent in the quarter from 3.43 percent in the last year period. Efficiency ratio for the quarter deteriorated to 58.10 percent from 56.03 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"2017 is off to a strong start, building on the additional capital we raised in the fourth quarter and the organizational changes made throughout 2016 as part of our 'Believe iN Beyond' initiative. The organic growth achieved this quarter reflects the Company's strong foundation. We continue to eclipse previous high points in balance sheet footings and quarterly net income. We continue to increase our capacity with the addition of new bankers as well as new branches in East Moriches and Riverhead. The evolving banking environment on Long Island provides opportunities for banks like BNB, with local management and local decision makers," noted Kevin M. O'Connor, president and chief executive officer.

Deposits stood at $2,982.87 million as on Mar. 31, 2017, up 1.44 percent compared with $2,940.41 million on Mar. 31, 2016.

Investments stood at $1,038.48 million as on Mar. 31, 2017, down 5.76 percent or $63.43 million from year-ago. Shareholders equity was at $429.46 million as on Mar. 31, 2017.

Return on average assets moved up 1 basis points to 0.92 percent in the quarter from 0.91 percent in the last year period. At the same time, return on average equity decreased 137 basis points to 8.62 percent in the quarter from 9.99 percent in the last year period.

Nonperforming assets moved down 23.12 percent or $0.38 million to $1.26 million on Mar. 31, 2017 from $1.64 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.03 percent in the quarter, down from 0.04 percent in the last year period.

Book value per share was $21.80 for the quarter, up 8.40 percent or $1.69 compared to $20.11 for the same period last year.